Daily Markets Briefing: STI up 1%

On back of waning Brexit fears.

According to KGI Fraser, Asian markets rallied hard on Monday despite a weak U.S. close last Friday as Brexit fears waned with poll results indicating that voters were leaning more towards remaining in the European Union.

Here’s more from KGI Fraser:

Japan’s Nikkei 225 gained 2.3%, along with Hong Kong (HSI +1.7%) and Korea (+1.4%). China closed little change with the CSI 300 index gaining only 0.1%.

The STI in Singapore rallied too, gaining 37.45 points, or 1.4% in the process, to finish at 2,800.87. The key movers in the index include the three local banks and SingTel (+1.6%). Only four stocks lost ground. These were CityDev (-1.6%), ThaiBev (-0.5%), AREIT (-0.4%) and Yangzijiang (-0.6%).

U.S. stocks closed up, but off session highs, as American investors took well to the new Brexit sentiments and mirrored the optimism in Asia and Europe. The Dow Jones Industrial Average , which had climbed as much as 271 points earlier in the session, closed up 129.71 points, or 0.7%, at 17,804.87.

The S&P 500 index gained 12.03 points, or 0.6%, to close at 2,083.25, with a broad swath of sectors climbing. Of the 10 main sectors, four were up 1% or more, led by the energy sector, while utilities was the only lagging sector, down 0.3% Earlier, the index had been up as many as 30 points.

The Nasdaq Composite Index advanced 36.88 points, or 0.8%, to close at 4,837.21, after being up as much as 82 points